- Bitcoin’s 24h trading volume is up over 10%.
- The current Fear and Greed Index indicates neutral market sentiment.
After a year of turmoil and intense negative market sentiment, Bitcoin (BTC) has now surpassed the $21,000 level projecting positive signals. The dominant crypto’s rise has led the global cryptocurrency market to regain its $1 trillion mark.
Global Cryptocurrency Market Cap Chart (Source: Coingecko)
At the time of writing, as per CoinMarketCap, Bitcoin (BTC) traded at $21,133.96 with a market capitalization of $407,137,726,835. This current BTC pump is paired up with a significant surge in its trading volume. At press time, Bitcoin recorded a 13% spike with a 24h trading volume of $24,105,601,668.
On the other hand, at press time, Bitcoin’s rival, (ETH) traded at $1,566 by over 18% in the last week. Similarly, other cryptocurrencies also witnessed notable weekly surges. The 7-day spike of major altcoins are as follows: Decentaland (MANA) – 83%, Aptos (APT) – 49%, (SOL) – 45%, The Sandbox (SAND) – 41%, (AVAX) – 36% , NEAR Protocol (NEAR) – 34%, (SHIB) – 20%, (DOT) – 20%, and Polygon (MATIC) – 19%.
Bitcoin Pump – To Sustain or Reverse?
Seemingly, the onset of Q1 2023 is in favor of BTC as it delighted most crypto traders with a 22% spike since last week. Evidently, the Bitcoin fear and greed index has entered the neutral zone.
BTC/USDT Price Chart – 50MA 200MA & RSI (Source: TradingView)
Bitcoin price hovers above the 50-day moving average (50MA) and 200-day moving average (200MA). This highlights its current bullish trend. As Bitcoin’s relative strength index (RSI) lies in the range of 88.39, it indicates that the crypto is in an overbought state.
Despite BTC’s positive price actions at the start of Q1 2023, confusion and uncertainty still lingers. With this recent pump, the crypto community anticipates a potential bull run in the market. While on the other hand, analysts and enthusiasts criticize it as a “fake bitcoin price pump.”
Analysts have begun drawing similarities between BTC’s historic bull markets in 2015 and 2019. After a bottoming phase, Bitcoin exhibited a breakout and proceeded with a bull run. Thus, such a pattern is highly expected.
#Bitcoin is proceeding as usual Massive bull run is coming #BTC #Cryptos pic.twitter.com/DZlQw7rwAl